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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT -- Ignore unavailable to you. Want to Upgrade?

To: pcstel who wrote (21765)	2/2/2001 1:14:24 PM
From: Rocket Scientist	Read Replies (1) \| Respond to of 29987

The question, really, is what does the term "outstanding Notes" mean in this sentence: "the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences." I think it probably means the "Notes" which are offered in the prospectus, not all of G* notes. It doesn't really matter very much, because, assuming a noteholder (or three, if that's what's necessary) is impetuous enough to file C.11, then, almost certainly, L&Q (assuming they agree with each other) will have an overwhelmingly strong position to push through a plan. Assuming that's true, and given the Irid experience and all the "worthless in bankruptcy" arguments, what's the incentive to file for BK in the first place? I don't see that there is any.

To: pcstel who wrote (21765)	2/2/2001 1:15:13 PM
From: A.L. Reagan	Respond to of 29987

I don't think any judge would read the defined term Notes in the indenture as meaning any other notes but those covered by the indenture; however, I haven't looked at the "definitions" section of the indenture, so you might check to see what meaning is given the defined term "Notes." The definition should put this question to rest. Thanks again for your good research.